Defaulter Jaypee Associates to deposit Rs 200 crore : SC

The Supreme Court on Wednesday asked Jaypee Associates, the parent company of embattled real-estate major Jaypee Infratech, to deposit Rs 200 crore by May 10 and also asked for a list of homebuyers who have sought refund.

The bench headed by Chief Justice Dipak Misra asked the real-estate major to deposit Rs 100 crore by April 15 and the rest by May 10.

The bench, comprising justices A M Khanwilkar and D Y Chandrachud, also stayed all notices for demands raised by the developers to the home buyers seeking refund for homes that have not been delivered or have been delayed.

Jaypee Infratech was asked to submit a project-wise chart of homebuyers so that amount could be dispersed on pro rata basis.

“At present we are concerned with the refund and will take later the issue raised by home buyers who want delivery of flats,” the top court said.

Meanwhile, JAL informed the apex court that only eight per cent of 31,000 home buyers have opted for refund and the rest want possession of flats.

The firm also told the court that it has received/sought occupation certificate of 13,500 flats so far in 2017-18.

The firm had on January 25 deposited Rs 125 crore in the Supreme Court after being directed to do so to safeguard the interests of home buyers.

The top court had on January 10 directed JAL to provide details of its housing projects in the country, saying home buyers should either get their houses or their money back.

It had refused to accord urgent hearing on a plea of the Reserve Bank of India seeking its nod to initiate insolvency proceedings before the National Company Law Tribunal (NCLT) against JAL, saying it would be dealt with at a later stage.

Home buyers, including Chitra Sharma, had moved the apex court saying around 32,000 people had booked their flats and were now paying instalments.

Hundreds of home buyers have been left in the lurch after the NCLT, on August 10 last year, admitted the IDBI Bank’s plea to initiate insolvency proceedings against the debt-ridden realty company for defaulting on a Rs 526-crore loan, the plea has said.